money, which is being created by the federal reserve system and foreign central banks to finance the u.s. trash -- treasury makes it a situation where americans cannot appreciate the fiscal cliff sit. the deficit goes on as if there were no deficits because the banks are printing money to finance it. lou: with the projection that we're looking at a federal reservebalance sheethat will expand by a trail dollars over the course of e -- trillion dollars over the course of the next 12 months. that's sigicant funding into the monetary system. what do you think? is it a fore gone conclusion we'll see finally, and i'm not encouraging, but saying, finally, the true inflation? >> my own forecast for what it's worth is that the inflation will not really pick up until the unemployment rate falls much closer to 6%. the wages are so much under control that it's made, actually, the working people of america much more competitive with their competitive nations road which, i think, will be one of the surprises next year that we may do better next year, even under fiscal cliff arrangements. lou: can we d